The local stock barometer surged sharply Tuesday, retesting the 6,500 level although in thin trade, as the recent depreciation of the peso was seen boosting local consumer spending and corporate profits.
The main-share Philippine Stock Exchange index added 179.36 points or 2.83 percent to close at 6,518.77, rebounding for the third session after a sharp pullback last week.
Trading across the region was choppy ahead of a closely watched US Federal Reserve Open Market Committee meeting. Investors are awaiting for clues on how soon the US Fed will start scaling back its liquidity-inducing bond buyback programs that have boosted global markets.
The day’s rally was led by Gokongwei stocks URC (+8.18 percent) and JG Summit (+6.23 percent). Large holding firms SM Investments, Ayala Corp. and DMCI likewise helped perk up the index, each rising more than 4 percent. AGI was likewise up 3.98 percent. BPI (+3.69 percent), ALI (+3.05 percent), SM Prime (+3.04 percent) and PLDT (+2.81 percent) also supported the PSEi’s rise. Doris C. Dumlao